Baking normals from high poly model to low poly issue
The problem could simply be in which order you selected the two meshes for baking. There are 2 levels of selection in blender when you select two or more objects: selected and active. The active shows with an orange outline whereas the other selected but not active object shows as darker orange/red. Make sure you first click on the high poly then on the low one when selecting:

BAD:



GOOD:



Note:

The baked normal map looks like it is for the knife on the bottom.  The area around the round holes seem like a smooth gradient whereas it that was the knife on the top poly, that area would show as flat.

You can see the issue in the mesh here: